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Julie Young
Julie Young
Articles (1503) 

US Indexes Close Higher Friday and for the Week

Nasdaq up 29.56% for the year and Dow Jones up 0.4%

The Dow Jones Industrial Average closed at 28,653.87 on Friday with a gain of 161.60 points or 0.57%. The S&P 500 closed at 3,508.01 for a gain of 23.46 points or 0.67%. The Nasdaq Composite closed at 11,695.63 for a gain of 70.30 points or 0.60%. The VIX Volatility Index was lower at 22.96 for a loss of 1.51 points or -6.17%.

For the week, the Nasdaq gained 3.3%, the S&P 500 gained 3.2% and the Dow Jones gained 2.6%. For the year, the Nasdaq is up 29.56%, the S&P 500 is up 8.58% and the Dow Jones has a gain of 0.4%.

Friday's market movers

U.S. indexes closed higher Friday and for the week. The S&P 500 and Nasdaq closed at new record highs. The Dow Jones pulled above zero for the year, putting all three major indexes in positive territory year to date.

The S&P 500 financials sector gained 4.3% for the week. Financials gained 0.44% Friday after the Federal Reserve's announcement of an average versus static inflation target rate. The new Fed target will put less pressure on the central bank to target a static 2% inflation rate. Some reports suggest it will allow the Fed to keep rates lower for an extended time, which can increase demand for refinancing, particularly mortgage refinancing.

Among insurance companies, The Travelers Companies Inc. (TRV) was down 1.1% after reports suggested hurricane damage has led to approximately $12 billion in potential insurance claims. The S&P 500 energy sector gained 1.79% as oil activity in the Gulf of Mexico does note appear to be reporting significant disaster damage.

Economic reports affecting market trading included the following:

  • Personal income increased 0.4% in July following a decrease of 1%. Personal spending increased 1.9% following an increase of 6.2%.
  • Wholesale inventories decreased 0.1% in July following a decrease of 1.3%.
  • The goods trade balance was -$79.32 billion in July, a change from the previous -$70.99 billion.
  • The PCE Price Index increased 0.3% in July. Year over year, the PCE Price Index increased 1%, up from 0.9%.
  • The Core PCE Price Index increased 0.3% in July. Year over year, the Core PCE Price Index increased 1.3%, up from 1.1%.
  • The Chicago PMI decreased to 51.2 in August from 51.9.
  • The Michigan Consumer Sentiment Index increased to 74.1 in August from 72.5.
  • The Baker Hughes Oil Rig Count showed oil rigs in the U.S. unchanged, Canada decreasing by two and international rigs decreasing by 38.

In the S&P 500, the following stocks led gains:

  • Western Digital Corp. (NASDAQ:WDC) 7.38%
  • Carnival Corp. (NYSE:CCL) 6.70%
  • Norwegian Cruise Line Holdings (NYSE:NCLH) 6.37%
  • HP Inc. (NYSE:HPQ) 6.15%
  • Marathon Petroleum (NYSE:MPC) 6.00%
  • AT&T (NYSE:T) gained 0.47% after announcing it is exploring opportunities for its DirectTV Satellite business

Small-cap stocks

In small caps, the Russell 2000 closed at 1,578.34 for a gain of 13.78 points or 0.88%. The S&P 600 closed at 912.02 for a gain of 6.56 points or 0.72%. The Dow Jones U.S. Small-Cap Growth Index closed at 11,022.35 for a gain of 91.23 points or 0.83%. The Dow Jones U.S. Small-Cap Value Index closed at 7,371.91 for a gain of 44.46 points or 0.61%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,946.51 for a gain of 10.33 points or 0.53%; the S&P 100 at 1,640.78 for a gain of 10.32 points or 0.63%; the Nasdaq 100 at 11,995.85 for a gain of 69.69 points or 0.58%; the Russell 3000 at 2,047.81 for a gain of 13.97 points or 0.69%; the Russell 1000 at 1,947.77 for a gain of 13.07 points or 0.68%; the Wilshire 5000 at 35,799.69 for a gain of 238.80 points or 0.67%; and the Dow Jones U.S. Select Dividend Index at 609.31 for a gain of 4.47 points or 0.74%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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